Strategic Planning: Uncover Your Competitive Advantages - dummies

Strategic Planning: Uncover Your Competitive Advantages

By Erica Olsen

Ultimately, you know what makes your company unique; however, for your uniqueness to be useful in strategic planning, you need to state what you know to be absolutely true about your company. Your list of competitive advantages should make someone say, “Wow, I want to do business with you.” To get your list of wows, you need to look at your business from different perspectives.

What are the sources of your success? What makes your company or department unique? Is your success tied to your ability to innovate new products or services, your ability to respond quickly, your brand and community reputation, or the creative power of your marketing and sales department? Many sources likely contribute to your success.

No company or department can be all things to all people. Some businesses try and quickly realize that they’re spending time and resources on activities that aren’t profitable.

Be brutally honest — your insights can be instrumental in moving your company to the next level. Think about this process of uncovering your uniqueness like an exercise in genetic exploration. You know your department or company has unique genes. How do you take advantage of them?